Wells Fargo (WFC) Says Disappointed in Cancellation of Seattle Municipal Light and Power Revenue Bonds Facility

October 10, 2016 6:50 AM EDT

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“Wells Fargo is disappointed that the City of Seattle has decided to cancel our investment in its municipal light and power revenue bonds facility, which would have used the bank’s very strong balance sheet to help the city manage its capital.

“We are proud of the support we have diligently and professionally provided the city as its operating bank since 1999 to support its government, communities, and residents. Our highly experienced and proven government banking, securities, and treasury management teams stand ready to continue delivering outstanding service to the City of Seattle.

“We manage the city’s business in our Government & Institutional Banking division, which is separate from our retail bank. We are taking important steps to ensure that the sales culture in our retail banking business is 100-percent aligned with our customers’ interests, including ending product sales goals for everyone in the retail banking business to make certain nothing gets in the way of doing what’s right for customers.

“Wells Fargo will continue to serve our local customers and be the same committed community partner in Washington, where in 2015 we donated more than $3.8 million to nonprofits and schools. In addition, we earmarked $248.5 million in community development loans and investments in support of affordable housing, community service, and economic development.”

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